The Markets

BENIN (Capital Markets in Africa) – Bond investors may be about to welcome a new kid on the emerging-market block: Benin. The West African country — gross domestic product about $10 billion — is readying a series of meetings with would-be takers for a first ever sale of Eurobonds, according to a person familiar with the matter. Citigroup Inc., Natixis SA and Societe Generale SA have been hired to organize the meetings, which will take place…

LUANDA (Capital Markets in Africa) – Angola is opening up its downstream-oil industry to private investors to improve competition, Petroleum Minister Diamantino Azevedo said. The government plans to scrap a law that grants state-owned oil company Sonangol EP a monopoly of the industry, Azevedo said in an interview Thursday in the capital, Luanda. Liberalizing the downstream industry, which includes imports, distribution and storage, may result in “better prices,” he said. “We already initiated the process of liberalization,”…

LONDON (Capital Markets in Africa): Zelter’s firm, Apollo Global Management, is slowly picking off pieces of the finance arm that nearly brought down General Electric Co. Apollo has already bought billions of investments once managed by GE Capital, and it’s been sizing up GE’s insurance and jet-leasing businesses, people familiar with the matter have said. GE’s new leader, Larry Culp, is working to turn around the embattled conglomerate, which expects negative cash flow this year in its industrial businesses. It’s quite a…

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. shares jumped the most in almost three years after Africa’s biggest wireless carrier started a 15 billion-rand ($1.1 billion) disposal plan to shore up the balance sheet. The company agreed to sell its 53 percent stake in Botswana’s Mascom to Econet Global Ltd. for $300 million, the Johannesburg-based company said in a statement on Thursday. Other businesses now on the market include e-commerce services, which includes Nigerian online retailer…

MAPUTO (Capital Markets in Africa) – Mozambique’s Eurobonds have taken a turn for the worse. After ending 2018 as the biggest gainers among more than 70 countries in the Bloomberg Barclays Emerging Markets USD Sovereign Bond Index, they’re at the bottom so far this year. The $727 million of securities due in 2023 have lost 6.9 percent in price terms, which compares with the average return in emerging markets of 3.3 percent. The bonds have been in default…

MAPUTO (Capital Markets in Africa) – Mozambique will continue with restructuring talks over $2 billion of defaulted loans, the Ministry of Finance said, even as an international scandal around the debt intensifies. The $2 billion comprises three loans, one of which was converted into a eurobond, and another two that are guaranteed by the state. Mozambique in November announced an agreement in principal with investors to restructure its $727 million eurobonds that would see debt-holders…

CAIRO (Capital Markets in Africa) – Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut. Sharara resumed production and is expected to reach 80,000 barrels in one day, according to people with knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Regular output will be fully restored in the coming days, now that the site has been re-secured…